Suffolk County Refi Fix & Flip
This is a prefunded refinance & rehab opportunity for a Single Family Residential property in Long Island, New York. The subject property address is 1209 Waverly Ave, Farmingville, New York.
The developer is requesting a loan of $100,000 in order to renovate and refinance the underlying property. The property was purchased for a total of $141,000 in December of 2014. There is major renovation needed for the underlying property, totaling $68,000. The borrower will receive 5 draw(s) totaling $92,000 over the course of the loan. The initial draw in the amount of $52,000 occurs when the loan closes. The next four draws will be disbursed at $10,000 increments as each phase of renovation is completed. The borrower plans to sell in one year or under.
1209 Waverly Ave
- Purchase Price: $141,000
- Renovation: $68,000
- After-Rehab Value: $275,000
An independent third party appraisal commissioned by Patch of Land, shows an After Repair Value (ARV) of $275,000 for 1209 Waverly Ave. The ARV ratio is 36.36% and is in line with the data we found during our due diligence process. Our research shows the residential market surrounding the underlying property in this area of Farmingville is stable and supply and demand are in balance.
|Investment Needed||Minimum Investment||Loan Duration||APR|
|Appraised ARV||36% Loan to Combined Appraised ARV||$275,000|
1209 Waverly Ave was built in 1950, located in the suburban neighborhood of Farmingville, New York. The property will have 10 rooms including 3 bedrooms and 1 bathrooms, with a gross living area of 942 sq. ft. on a 32,670 sq. ft. lot after renovation. The property is near Suffolk County Vietnam War Veterans Park, Lake Ronkonkoma, and Stony Brook University.
1209 Waverly Ave
Property renovations are underway now and there is major renovation needed for the property. The following renovations are planned to be completed:
- Replace Roof
- Install new bathroom in basement
- Install gutters
- Two additional rooms in basement + a full bath
The borrower has been involved in the real estate industry for the past 9 years. He has successfully completed 5 flips in his career. The areas he specializes in are Westfield, Springfield and Farmingville NY. In addition to flipping property, he owns rentals in Farmingville, Patchhogue and Holbrook NY.